I was in a car accident, Police Report indicates that I was at fault that I ran a red light (EB) at 40mph, 1st car that struck me was heading SB, 2nd car was going NB, with that impact, I slided over to the 3rd car WB waiting to turn left (SB). The 3rd car driver suffered whiplash, was sent to ER. My policy limit is 50k/personal injury. 3rd car driver has claimed 36k but my insurance company approved about 15k, 3rd car driver has now hired an attorney as the reimbusement was too low and 3rd car driver has resumed treatment.
Let your insurance company handle the matter. Your case will most likely settle for the policy limits unless you have assets, properties, businesses, etc., in which case you are inadequately insured. If that is the case, you will need to hire a private lawyer. For now, allow your insurance to handle the matter and wait to see if it resolves. Best of luck!
If there is a chance that the insurance company will not offer what is necessary to resolve this case then you might want to consider hiring an attorney to protect you personally. Some insurance companies, although they won't tell you will protect you in the event of an excess judgement.
Your insurance policy provides you with two imporant benefits: one is to provide "indemnity" for "covered" claims (which means to pay out money for covered claims against you) the other benefit is to provide you with a legal defense if you are sued for a claim which may be covered. Both are important to you, and both can be work alot of money to you. With the possibility of multiple claims against you, you may not have sufficient insurance to cover the "indemnity" payments for all the claims. The insurance company may try to avoid being required to defend you against all the claims by simply offering up a payment of the entire "policy limits", but this could leave you without a defense attorney paid for by the insurance company. If you are about to be sued, having the insurance company provide you with a lawyer the insurer pays for is a valuable right, which you want to be careful not to lose. If you have assets, or have a job in which you earn a significant amount of money, you could still be exposed to liability and/or a judgment over and above your insurance policy limits. You may want to seek independent legal advice to oversee what the insurance company and its assigned defense counsel do when they are trying to settle the case so that your can avoid being left without an attorney when you may still be exposed to liability.
Your insurance company will attempt to settle the matter within your policy limits and will defend you if a law suit is commenced against you. While there is a strong possibility that all claims against you will resolve within your policy limits, you would be well advised to retain private counsel to defend your interests to the extent that you have financial exposure beyond the policy limits. As a practical matter, your private counsel, unless the matter reaches a trial, will most likely be monitoring the activities of the defense lawyers retained by your insurance company, so your private counsel's bill should not be anywhere near as high as it otherwise could be.
Best wishes for a swift and just resolution !
Definitely hand it over to your insurance company. Why take a chance, and plus if you are determined to be liable later they may not cover you if you failed to report it --- or timely report it. Provided you have proper coverage, they will also provide you an attorney if necessary. The best thing you can do is report it to them as soon as possible.
If you are inadequately insured, and cannot settle within the policy limits, then private legal counsel should explore the liability of your insurance agent to you for being inadequately insured. If your insurance carrier views your misconduct as criminal/uninsurable, you should hire private legal counsel at your insurance carrier's expense a.k.a. "Cumis counsel".
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